Khalifa Economic Zones Abu Dhabi – KEZAD Group, the integrated trade, logistics, and industrial hub of Abu Dhabi, has signed a lease agreement with Euro Auctions Middle East, a subsidiary of the Euro Auctions Group, to establish its largest auction house in the region for industrial plant, construction equipment and agricultural machinery.
Under the agreement, Euro Auctions Middle East will expand its current UAE operations in KEZAD across a facility of more than 43,000 square metres, with site operations scheduled to commence in Q1 2023. By collaborating with Abu Dhabi Customs and KEZAD Group, Euro Auctions will also have a proportion of the yard categorised as a bonded warehouse, offering import and export customers the same advantages as a free zone operation.
As a leading auctioneering company for heavy equipment, Euro Auctions operates worldwide with eight sites across England, Northern Ireland, Germany, Spain, Australia, the United States, and the UAE. Due to its strong online presence, the company conducts more than 60 auctions per year and markets to an international audience from over 95 countries worldwide.
With more companies selling well-maintained and newer machinery than ever, Euro Auctions reported that the average lot price at its most recent UAE auction increased by 63 per cent compared to similar events in 2019. As a result, auctions are expected to become an increasingly popular option for buyers and sellers.
Auctions are a quick and efficient way to sell unused or surplus stock, with fast payouts enabling companies to reinvest the capital into their business quickly. From a buyer perspective, it allows efficient use of their time when they can pick from a wide variety of equipment in one place.
Mohamed Al Khadar Al Ahmed, Chief Executive Officer, Khalifa Economic Zones Abu Dhabi – KEZAD Group, said: “At KEZAD Group, we are proud to continually enable leading companies such as Euro Auctions to meet growing demand across the region and beyond from Abu Dhabi. Auctions provide an essential option for industrial concerns and manufacturers looking to expand their inventory, and this new auction house will contribute to the growth of this strategic sector.
“The development of the Euro Auctions project will provide existing and future customers with facilities that can supplement their business needs through a globally renowned facility, bringing best-in-class practices to streamline storage and transportation while providing a transparent bidding process.”
Richard Sweatt, General Manager, Euro Auctions Middle East, said: “We are delighted to announce the agreement with KEZAD Group and are proud to choose Abu Dhabi to open our largest regional auction site. The initiatives that KEZAD has put in place for Euro Auctions provide our operation with massive strategic advantages in the region. The site will be outside the free zone, but Euro Auctions will still have 100 per cent foreign ownership through the initiative launched by the UAE in 2020. For UAE customers, this means they no longer have the documentation requirements to deliver and collect equipment from the auction site, and they will also have easy access to come and inspect the stock before auction day.
“We look forward to enhancing our service offering for local customers in Abu Dhabi and growing our international footprint thanks to Abu Dhabi’s strategic location and KEZAD Group’s streamlined and cost-effective connectivity to major markets.”
From its new site in KEZAD, Euro Auctions can manage the entire auction process for sellers, from collection and delivery to minor repairs, enabling clients to focus on their core business while being able to access a truly global audience through the diverse platform of buyers that Euro Auctions offers